Important: The end time should be at least 2 minutes before the intraday square-off time set by your broker
Comment below if you get good returns
Strategy: Supertrend and strength (Hulk Smash)
Indicators used :
Super trend is simple and easy to use indicator and gives a precise reading about an on going trend.It is built with two parameters, namely period and multiplier.The Buy and Sell signal modifies once the indicator tosses over the closing price. When the Super trend closes above the Price, a Buy signal is generated, and when the Super trend closes below the Price, a Sell signal is generated. In this case we use it only for direction .
informs a trader when the market is trending.It filters out anti trend trades to help trend chasing indicators from frequent whipsaws
Multiplier is a vital input for Super trend. If the multiplier value is too high, then lesser number of signals is made.
• If the price is going UP, and the indicator is also going UP, then we have the case for a .
• The same is true if the price is going down and the indicator is going UP. Then we have the case for a .
• Value of below 20 is called trading zone which implies non-trending market
• Trade with Strength only if the Super trend is validating
0 - 20 : Non Trending (Range bound market, phase of )
20-45 : Strong Signal (helpful for traders)
45-60 : Very strong trend (occur rarely, indicate exhaustion)
60 - 100 : Extremely strong trend (very rare, unsustainable trends, be ready for reversals)
Usage & Best setting :
Choose a good volatile stock and a time frame - 5m.
Factor : vary as per info above
ST multiplier : 3
There is stop loss and take profit that can be used to optimise your trade
The template also includes daily square off based on your time.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.